Spain interested in participating in Southern Gas Corridor project

Photo: Spain interested in participating in Southern Gas Corridor project / Oil&Gas

Baku, Azerbaijan, April 24

By Emin Aliyev - Trend:

Spain is interested in participating in the Southern Gas Corridor project, the country's Minister of Foreign Affairs and Cooperation, Jose Manuel Garcia-Margalit told journalists on April 24 on the threshold of Azerbaijani-Spanish business forum.

"Around 30 Spanish companies operate in Azerbaijan. There are fairly modest figures in trade turnover and investment and this means that we have work to do, particularly in the energy sector and the Southern Gas Corridor project," the minister said.

However, the prospects for cooperation between Azerbaijan and Spain are not confined to this, according to Garcia-Margalit.

"The delegation includes representatives of tourism structures. Over six million tourists visit Spain per year and we are ready to share our experience and running time with our Azerbaijani colleagues in the sphere of tourism and recreation," Spanish minister added.

The Southern Gas Corridor is a project that will allow Europe to diversify its sources of hydrocarbon supply and strengthen energy security and enable Azerbaijan to get a new market in Europe.

The final investment decision was made on the second phase of the Azerbaijani Shah Deniz offshore gas and condensate field's development on December 17, 2013. Gas from the field will go in the first instance to the European marketplace.

The gas to be produced within the second phase of the field's development will be exported to Turkey and to European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).

The contract for development of the Shah Deniz offshore field, which has proven reserves of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.

Participants in the Shah Deniz field development are the State Oil Company of Azerbaijan (SOCAR) with a share of 16.7 percent, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent), Turkish TPAO (9 percent).

Translated by L.Z.

Edited by C.N.

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